Talks over Alan Shearer's future continued today amid renewed speculation that owner Mike Ashley could sell the club.

Shearer, who held lengthy discussions with the sportswear magnate and managing director Derek Llambias yesterday, returned to the club's Darsley Park training headquarters this morning for a further meeting with Llambias, with the Magpies hoping to thrash out a deal to make him their permanent boss.

They did so as it emerged that Keith Harris, chairman of investment bank Seymour Pierce, had also travelled to the north-east yesterday.

However, Harris today insisted he had "categorically not" visited the region to talk to representatives of a locally-based consortium, and it is understood he is still waiting to hear from Ashley as to whether or not his services may be required.

Few hard facts were emerging from either Darsley Park or St James' Park as Tyneside continued to await the news fans hope will confirm the beginning of the Shearer era in earnest.

But as the existing squad members headed off to various parts of the globe not knowing what will await them on their return, local boy Steven Taylor was keeping his fingers crossed that Ashley and Shearer can reach an agreement.

He said: "The club means so much to him [Shearer]. The fans love him, and he was hurt like we were about relegation.

"He has been unbelievable. The only one person who I think can take us back up is Alan. He has been fantastic to work with.

"Let's hope we get the chance to work with him again."

The Ashley regime have made no secret of the fact they want Shearer to take the job to which he was appointed for the final eight games of last season.

However, having been able to make a detailed assessment of what has gone wrong during his time back at his hometown club, the 38-year-old is understood to have left Ashley and Llambias in little doubt as to what will be required to remedy the situation.

The current squad will have to be dismantled anyway to reduce a bloated wage bill of more than £70million, while there are players who would have no role under the former Magpies skipper and whom he would want to move on quickly.

In addition, he would want assurances that he would have a significant war chest and the freedom to invest it in the men he wants to drag the club back out of the Coca-Cola Championship at the first attempt.

Whether or not Ashley is prepared to underwrite that mission remains to be seen, although any prospect of a sale could complicate matters.

The owner initially asked engaged the services of Seymour Pierce in September last year amid a furious fans' backlash over Kevin Keegan's departure in protest as the club's transfer policy.

Harris spent several months courting prospective buyers as consortia from Nigeria and South Africa attracted headlines, but after no workable offer was received, Ashley took the club off the market at the end of December.

Relegation could cost the Magpies in the region of £50million and severely affect its market value - the current owner paid £134.4million for it and has since invested around £110million - and any serious bid could give an indication of how keen he is to hang on to it.

In the meantime, Taylor, for one, will reflect upon the nightmare of relegation and what is required to bounce back.

He said: "We thought we were going to get out of it, but it is starting to sink in now.
"We have got to deal with it and put ourselves back up there in the Premier League with no mistakes next year.

"We need stability so we can move on as a football club and look to the future."